Q. Is it just the landlord or do brokers also have a say in this with post-leasing services? Is it another department within the structure of a corporate real estate firm?
A. Commercial properties are typically rented out on a "triple net" basis. That means that the tenant is responsible for insurance, property taxes, and maintenance on top of their rent. The tenant is virtually always responsible for their own utilities.
A broker's involvement would only be in placing a suitable tenant for the landlord, and possibly collecting rents and enforcing the terms of the lease on behalf of the landlord. They would have nothing to do with the payment of utilities.
That said, with commercial rentals there are little or no tenant protections in common or legislative law, unlike with residential rentals. It's all down to whatever agreement the landlord and tenant can negotiate, and the contract will stand as agreed in nearly all cases of disputes.
A broker's involvement would only be in placing a suitable tenant for the landlord, and possibly collecting rents and enforcing the terms of the lease on behalf of the landlord. They would have nothing to do with the payment of utilities.
That said, with commercial rentals there are little or no tenant protections in common or legislative law, unlike with residential rentals. It's all down to whatever agreement the landlord and tenant can negotiate, and the contract will stand as agreed in nearly all cases of disputes.
In Pennsylvania what is the longest term a landlord can make a lease for?
Q. I am just wondering if anyone is certain of the longest duration a rental lease for a real estate property can be for? {Residential} I heard a lease can be made for two years. Anyone know?
A. Usually it's 99 years.
Certainly two years is permissible.
Certainly two years is permissible.
What is the best way to invest $150k in real estate now?
Q. Do not like REITs and risky real estate investments. Looking for rental property and monthly income and the ability for the property to maintain and increase value over time.
A. First, determine what your money can buy. Loans for non-owner occupied investment will typically be around 75% loan to value, maybe 80%, so you're looking at an investment of around $600,000. (Probably less when you factor in closing costs and reserves). If $150K comprises all of your liquid assets, I wouldn't sink it entirely into the property. You will need to prepare for unexpected expenses such as repairs, evictions and tenant turnovers. If you want your property to increase in value over time, be prepared to invest in it.
Next, are you thinking residential or commercial? Residential is easier to get into capital-wise. I don't know your area very well, but in my area, $600K will not buy much in the way of commercial property, but it would buy a decent multi-unit residential property. However, residential property can be difficult to maintain and manage. The renters may trash your property and there are residential landlord tenant laws that typically favor the tenants in most states. Commercial landlords tend to have more rights than residential landlords. (Check your state laws to verify this.) Also, commercial leases are often triple net (NNN), whereby the tenant(s) pay taxes, insurance and maintenance. But like I said, these properties will cost more.
Whatever you do, I would research your market fully and make sure you have an excellent broker representing you. Understand trends in your area. I think these days people are migrating from the suburbs to urban centers and employment hubs. Many are returning to school and are choosing public transportation over driving. Are these trends happening in your area. If so, make sure your investment will benefit from them.
I wrote some articles on the subject of investment property which I've linked below and hope to add more in a couple of weeks. Good luck. I think it's exciting that you have such capital to invest in this market.
http://hubpages.com/hub/InvestmentPropertyAnalysis
http://hubpages.com/hub/Real_estate_Investment_mistakes
Next, are you thinking residential or commercial? Residential is easier to get into capital-wise. I don't know your area very well, but in my area, $600K will not buy much in the way of commercial property, but it would buy a decent multi-unit residential property. However, residential property can be difficult to maintain and manage. The renters may trash your property and there are residential landlord tenant laws that typically favor the tenants in most states. Commercial landlords tend to have more rights than residential landlords. (Check your state laws to verify this.) Also, commercial leases are often triple net (NNN), whereby the tenant(s) pay taxes, insurance and maintenance. But like I said, these properties will cost more.
Whatever you do, I would research your market fully and make sure you have an excellent broker representing you. Understand trends in your area. I think these days people are migrating from the suburbs to urban centers and employment hubs. Many are returning to school and are choosing public transportation over driving. Are these trends happening in your area. If so, make sure your investment will benefit from them.
I wrote some articles on the subject of investment property which I've linked below and hope to add more in a couple of weeks. Good luck. I think it's exciting that you have such capital to invest in this market.
http://hubpages.com/hub/InvestmentPropertyAnalysis
http://hubpages.com/hub/Real_estate_Investment_mistakes
Blank residential lease agreement that I can fill in on the computer?
Q. I am looking for a Residential Lease agreement that I am able to fill out on the computer, like a PDF form or something. Does anyone know?
A. There are sample leases in the office supply companies or you may be able to get one from a real estate office that belongs to their local board of Realtors. That is the easy part. However, understanding the terms of the lease agreement is a lot more important. Usually, board of Realtor contract forms are quite fair to either parties. However if you are not experienced in contracts, best to seek advice of those that are familiar with them. By the way, generally, Realtors are prohibited by law in many state to write leases. They are allowed to fill in the blanks only and not to write one or even alter one.
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